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petitioning for its abolition on account of the scandalous frauds and robbery of the publick, committed by its directors and officers. The reasons alleged against this Bank were but too weighty, and the proofs but too evident; but as the Executive power had a decided interest in supporting it, for the sake of using its funds in their necessities, nothing was decreed against it, except to place it under the immediate inspection of the Treasury Department, and by this means at the absolute disposal of the Executive power.[1] Thus, then, without sufficient funds to pursue their mercantile speculations, and without credit either in or out of the
- ↑ The Act to incorporate the subscribers to the Bank of the United States, was passed in April, 1816. It was established with a capital of 35 millions of dollars, one fifth part of which only was subscribed by the United States: its affairs are governed by twenty five directors, five of whom only, who must be stockholders, are appointed by the President of the United States, by and with the advice and consent of the Senate. The officer at the head of the treasury department, has a right to demand a weekly statement of the concerns of the Bank, but has no authority whatever to regulate its proceedings, nor to dispose of its funds. Don Onis was sufficiently acquainted with the nature of our government, and the limited powers of our Executive, to know that he was stating what was not true, with regard to the funds of the Bank of the United States. He knew that neither the Secretary of the Treasury, nor the President, could have the absolute disposal of any funds, unless by the authority of the people of the United States. T.
